Newport Gold Inc. Acquires a 50% Interest in the 'Mac' Gold Property in B.C. Canada
February 29 2008 - 10:35AM
PR Newswire (US)
TORONTO, Feb. 29 /PRNewswire-FirstCall/ -- Newport Gold Inc.
(OTC:NWPG) (BULLETIN BOARD: NWPG) ("the Company") and TMBW
International Resources (TMBW), a Private Corporation, are pleased
to announce, subject to regulatory approval, a joint venture
arrangement wherein Newport Gold has agreed to acquire a 50%
Interest in TMBW's project known as the "Mac Property." Newport
Gold Inc. has agreed to reimburse TMBW a total of 1.8 million Reg S
shares and to assume all obligations of the original vendors in
order to acquire this interest. Located approximately 55 kilometers
southeast of Vernon, B.C., the "Mac Property" is a 331 hectare gold
property that has been previously explored by way of several
companies which initialed small exploration programs in the 1960's.
These exploration programs were confined to a small area of the
property and consisted of "grab samples" and minimal drilling.
However, advancing ahead to the 1980s, it is interesting to note
that in 1983 there was a exploration hole that yielded 10.2 m of
.30 oz. /t Au and in 1988 there was a hole that yielded 13m of
.47oz. /t Au. The gold mineralization which has been tested to date
consists of an area approximately 75 m (200 ft.) in length and is
situated in a complex zone of shears and faulting. It is open along
the strike corridor and at depth, although some displacement has
occurred. In the late eighties a 126.5 m decline was developed in
order to test the aforementioned zone at depth. At the base of the
decline the zone averaged 10 meters in width and returned and
average grade of .42 oz/t Au. This zone is open in all directions
as previous drilling was limited to a very small area (225 x 125)
meters in size. The Company has considered the positives affiliated
with this project including the ease of access to the
infrastructure; the widths and grades of the gold mineralization
found to date (especially at the base of the decline); and the
metallurgical report suggesting the amenability of the
mineralization to satisfactory recoveries. In conjunction with
these considerations and the current positive financial environment
of the mining sector, the Company may be in a strategic position to
initiate cash flow by expanding the known mineralized zone through
additional diamond drilling initiated in the near term. NEWPORT
ENGAGES SEACOAST PUBLISHING The company is also pleased to announce
that it has engaged D. Stewart Armstrong and Seacoast Publishing of
Monterey, California to assist The Company with Corporate
Communications and to also act as an Independent Company
Consultant. The Company will honor an engagement fee of $2400.00
and shall pay the sum of $2000.00 per month for a period of 12
months to Seacoast Publishing. The company also agrees to grant
Seacoast Publishing an option to purchase 200,000 shares of the
Company at a price of $0.20 per share or the SEC approved price at
the time of granting. The Company has not established an option
plan for its officers and consultants but seeks to do so in the
near future. Newport Gold Inc. is a Nevada based
internationally-oriented exploration company committed to
delivering value to its shareholders by strategically acquiring,
exploring, and advancing superior domestic and international mining
properties. Projects focused on precious, semi-precious, and base
metals are all evaluated in an effort to determine which are best
suited for the purpose of advancing the Company's objectives.
Newport Gold's commitment to both its shareholders and the local
indigenous populations is to construct a strong asset based company
utilizing an ethical stewardship in order to properly manage the
projects with which we are involved. For any further inquiries,
please contact Derek Bartlett, President, Newport Gold Inc.,
905-542-4990, , or visit us on the web at
http://www.newportgold.com/ DATASOURCE: Newport Gold Inc. CONTACT:
Derek Bartlett, President of Newport Gold Inc., +1-905-542-4990,
Web site: http://www.newportgold.com/
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